Westin Market Street Trades for $350M, Gets New Name
LaSalle Hotel Properties just scooped up Westin Market Street Hotel for $350M and will rename it Park Central San Francisco. The 681-room hotel at 50 3rd St, steps from Market Street, traded for a little less ($513k/key) than LaSalle's earth-shattering Hotel Vitale buy last year for $650k/key. LaSalle CEO Michael Barnello says the S.F. hotel market remains strong, with demand at peak levels and limited supply growth on the horizon. The hotel was constructed in 1984, with some massive renos since. Expect a normal life-cycle reno in Q4 2016. The potential hotel acquisition the company previously disclosed to be under contract in LA is no longer under contract, according to the release.